Online shopping transactions begin and end online but due to avoidable security fails in some cases, what began online can eventually end in court or in the loss of millions of dollars in a retail settlement like Target and the loss of consumer confidence, none of which you want.

Statista released the following report detailing data breaches in the US between 2005 and 2014.

From the chart above we see that data breaches in the US alone increased over 490% between 2005 and 2014.

Online security is just as important if not more important than offline or physical security, especially for businesses entirely run online.

For these, a major attack could have fatal consequences for the business, business owner or employees, dependents of employees etc.

Hence, ensuring adequate online security is paramount when operating or starting an ecommerce business or any other online business for that matter.

As businesses begin to grow and expand they inadvertently become bigger targets for unscrupulous elements inhabiting cyberspace. Staying one or more steps ahead of cyber attackers should be one of your major business goals this year.

In this post, we shall look at data breaches and how to stay safe in the invisible world of ecommerce transactions but first learn about what is online security and why you should take it seriously.

WHAT IS ONLINE SECURITY?

For instance, using public Wi-Fi to shop online is dangerous, your credit card information could be stolen by hackers or other third parties who may have unfettered access to information you transmit online.

WHY TAKE IT SERIOUSLY?

There are many reasons to take online security seriously. More businesses are moving online, including brick n’ mortar stores.

Some of these new entrants have little to no idea about staying safe online; some better-established brands may become negligent of their online security and unwittingly open themselves up to preventable attacks.

Neiman Marcus and Target have been targeted in large-scale credit card information theft. Just recently in September 2017, a massive data breach was reported at Equifax the credit bureau.

As at end of July 2017 there were 791 reported data breaches in the US alone representing a 29% increase year on year according to reports by the Identity Theft Resource Centre and CyberScout. This figure was estimated to reach as much as 1, 500 by end of 2017.

Hence, online retailers must as a matter of urgency constantly evaluate their security infrastructure to ensure compliance with industry best practices because attackers are on the prowl and seriously so; and who are their targets?

MAJOR TARGETS OF ECOMMERCE ATTACKS

Attacks on ecommerce businesses mainly target:

Online Retailers

Online Shoppers

Online Platforms

They target these groups mainly to steal valuable information to commit fraud.

WHAT CYBER ATTACKERS ARE AFTER

Information theft is just one step to the bigger grand theft for which they’ll need:

Credit Card information

SSN

Names

Phone numbers

Addresses

Emails

Passwords etc.

WHAT IS A DATA BREACH?

Tech Target defines a data breach as “an incident in which sensitive, protected, or confidential data has potentially been viewed, stolen, or used by an individual unauthorized to do so.”

This information can then be used for illegal activities including shopping online with stolen credit card information or other card present/non-present fraud.

CONCLUSION

Both online retailers and shoppers have roles to play in ensuring safer online shopping experiences. Implementing these tips will greatly mitigate the increasing trend of hacks and data breaches targeting ecommerce operators.